60

LAWS OF MARYLAND.

by ballot, a President and a Vice-President, either
from among their own body or from among the
other stockholders, and in case of the death, re-
signation or disqualification of the President or
Vice-President or a Director, the Directors shall
proceed to elect another to fill such vacancy, for
the remainder of the year.

Failure to
elect not to dis-
solve company

Sec. 7. And be it enacted, That should it so
happen from from any cause whatever that the an-
nual election of Directors, should not take place,
in any one year, on the day hereinbefore mentioned
for that purpose, this company shall not, for that
reason be dissolved, but such election may lawfully
be held on such convenient day thereafter as may
be fixed by the President and Directors, they caus-
ing ten days notice thereof to be given in two or
more of the daily newspapers published in the city
of Baltimore.

Authorized
to make insu-
rance.

Sec. 8. And be it enacted, That the President
and Directors shall be and are hereby authorized
to make all kinds of fire and inland insurance, also
to make a re-insurance upon all or any of the risks
taken by them, and generally to transact and per-
form all business relative to the objects aforesaid;
also to invest the capital and funds of the company,
from time to time, in the stocks and bonds of the
United States, State of Maryland, or other well se-
cured stocks, and to dispose of the money or prop-
erty of the company in such manner (not contrary
to law) as to them shall appear most advanta-
geous to the company.

By-laws.

Sec. 9. And be it enacted, That the President and
Directors shall make such by-laws, rules and regu-
lations, not inconsistent with this act, or the Con-
stitutipn and laws of the State, as may be deemed
necessary for the government of its officers, and
the conduct of its affairs.

Dividends.

Sec. 10. And be it enacted, That the President
and Directors may declare dividends of the profits
of the' company semi-annually, or so much thereof as
to them may seem advisable, and in case of any loss
or losses whereby the capital stock of the company
shall be lessened, no subsequent dividend shall be
made until a sum equal to such diminution, and
arising from the profits of the company, shall have
been added to the capital.